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1. Institute a Flat Tax

Kudlow wants pro-growth tax reform, which he says is “necessary to unshackle business, investors, entrepreneurs, and incentivize and maximize economic growth, and by the way, simplify the entire out-of-control IRS system.” The first step in that reform in the institution of a “fairer, simpler flat tax.”

He thinks one or two tax brackets is enough, not six, at maybe 15% or 28%. Then we should broaden the taxable income base by ending deductions, credits, exemptions and subsidies. Also, income should be taxed once and only once at the source, and multiple taxes on saving and investment should be ended. Lastly, our annual IRS returns should fit on a postcard.

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